I agree the hundredfold growth is a drastic overestimate, no matter how we slice it. But using using a modern price is still an underestimate: the first few iPhones really do yield a lot more value than the last few, and using a current market price misses that value. Price just doesn’t work as a proxy for value.
I agree the hundredfold growth is a drastic overestimate, no matter how we slice it. But using using a modern price is still an underestimate: the first few iPhones really do yield a lot more value than the last few, and using a current market price misses that value. Price just doesn’t work as a proxy for value.